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<br />54190903/13/2001 12:17P Kay Weinland
<br />1 of 3 R 15,00 D 0.00 Roull Counly, CO
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<br />Deed of Trust
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<br />This indenture, made this 1 st day of February 2001, between the Woodchuck Ditch Company,
<br />whose address is 42095 RCR 44, Steamboat Springs, Colorado, 80487, hereinafter referred to as
<br />GRANTOR, and the Public Trustee of the County of Routt, State of Colorado, hereinafter referred to as
<br />PUBLIC TRUSTEE,
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note of even date and amount,
<br />set forth in Contract No, C150041 (the Contract) for a loan in the principal sum of $30,000 to be repaid to
<br />the STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Water
<br />Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with
<br />interest thereon from the date of first disbursement of funds under the Contract at the effective interest rate
<br />of 3.75% per annum, payable in 20 annual installments, in accordance with the terms of the Promissory
<br />Note, or until loan is paid in full.
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<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br />promissory note to the State of Colorado.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit a 400-
<br />foot portion of the GRANTOR'S ditch, located 400 feet west of the east line and 1300 feet north of the south
<br />line of Section 31, Township 7 North, Range 84 West, 6th P,M" Routt County, Colorado, collectively or
<br />hereinafter referred to as the "Property."
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<br />To have and to hold the same, together with all and singular the privileges and appurtenances
<br />thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part
<br />thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or in the
<br />payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in or in
<br />case of violation or breach of any of the terms, conditions, covenants or agreements contained in the
<br />Contract, the beneficiary hereunder may declare a violation of any of the covenants eontained in the
<br />Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of such
<br />election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and
<br />demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's
<br />office of the county in which said Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to
<br />sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think
<br />best), and all the right, titie and interest of the GRANTOR, its successors or assigns therein, at public auction
<br />at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the
<br />highest and best price the same will bring in cash, four weeks public notice having been previously given
<br />of the time and place of such sale, advertisement once each week for five consecutive weeks, in some
<br />newspaper of general circulation at that time published in said county, a copy of which notice shall be
<br />mailed within ten days from the date of the first pUblication thereof to the GRANTOR at the address herein
<br />given and to such person or persons appearing to have acquired a subsequent record interest in said
<br />Property at the address given in the recorded instrument; where only the county and state is given as the
<br />address then such notice shall be mailed to the county seat, and to make and give to the purchaser of the
<br />Property at such sale, a certificate in writing describing the Property purchased, and the sum paid therefor,
<br />and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor,
<br />unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand
<br />by the person holding the said certificate of purchase, when said demand is made, or upon demand by the
<br />person entitled to a deedto and for the Property purchased, at the time such demand is made, the time for
<br />redemption having expired, make and execute to such person a deed to the Property purchased, which
<br />said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered
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<br />Appendix 4 to Loan Contract C150041
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